When CEOs are asked what boards could do to better help the company, their Wish List boils down to this:
- Focus more on the risks that are the most crucial to the future of the enterprise.
- Do your homework. (“If you don’t take the time and effort to learn the business, I can’t really have a dialogue with you.”)
- Bring broad, relevant knowledge to the table.
- Do more to challenge strategy constructively. (Most CEOS do not want boards that “rubber stamp.”)
- Make successions less, not more, disruptive to operations.
Source: “What CEOs Really Want of Their Boards,” Jeffrery Sonnenfeld, Melanie Kusin and Elise Walton, Harvard Business Review, April 2013, pp. 98-106.